1929 1C, BN PCGS号2594

PCGS Set Registry

The year 1929 was marked by feast and famine. For the first two-thirds of the year, the “Roaring Twenties” bull market was fueled by easy credit and rampant speculation. The Dow Jones Industrial Average peaked on September 3rd and then began its historic decline, culminating in a series of selloffs that concluded with Black Tuesday on October 29th.

For the business community, the sudden loss of capital crippled their ability to finance operations and expansion. This market uncertainty, coupled with the lack of credit, triggered immediate job losses across every major segment of the United States economy. Farmers, factory workers, bankers, and service sector workers faced an uncertain future, but none could have predicted the sheer scope or length of the Great Depression that followed.

High Demand for U.S. Coins in 1929

For the United States Mint, coin production throughout 1929 did not anticipate the coming economic collapse.The Lincoln Wheat Cent was produced at levels not seen since 1919 and 1920. Nickels were in high demand. Mercury Dime production exceeded 25 million. The 1929 Standing Liberty Quarter (#5772) was struck at levels commensurate with other 1920s boom years.

The Philadelphia Mint did not strike Half Dollars or Dollar coins, but it did produce three gold denominations. Of the three, only the 1929 Indian Head Quarter Eagle (#7953) survives in sufficient quantity to avoid being called “scarce.” It and the Half Eagle would take their final bow in 1929. Philadelphia would continue to strike Eagles and Double Eagles into the early 1930s. Notably, the 1932 $10 (#8884) was struck in record numbers and survives in quantity, whereas the late-date Saint-Gaudens Double Eagles are all rare.

Philadelphia Mint Coin Production in 1929

• Lincoln Wheat Cent (#2594) | Mintage: 185,262,000
• Buffalo Nickel (#3966) | Mintage: 36,446,000
• Mercury Dime (#4972) | Mintage: 25,970,000
• Standing Liberty Quarter (#5772) | Mintage: 11,140,000 | Next to last year of type.
• Indian Head Quarter Eagle (#7953) | Mintage: 532,000 | Last year of production.
• Indian Head Half Eagle (#8533) | Mintage: 662,000 | Last year of production.
• Saint-Gaudens Double Eagle (#9190) | Mintage: 1,779,750 | Scarce in all grades.

Collecting the 1929 Lincoln Wheat Cent

The 1929 Lincoln Wheat Cent is one of the more common issues from the series’ early years and survives in quantity in both Mint State Red Brown and Mint State Red, even in Gem grades such as MS65RD and MS66RD. Examples generally come well-struck, with strong luster, and good eye appeal.

PCGS TrueView images show a wide array of attractive coins across every color designation, with some of the most dramatic toners being found in the Red Brown and Brown categories (as expected).

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